Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
The Company’s common stock is traded on The Nasdaq Stock Market LLC under the symbol AAPL.
Holders
As of October 20, 2023, there were 23,763 shareholders of record.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September 30, 2023 was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):
Periods Total Number
of Shares Purchased Average Price
Paid Per Share Total Number of Shares
Purchased as Part of Publicly
Announced Plans or Programs Approximate Dollar Value of
Shares That May Yet Be Purchased
Under the Plans or Programs (1)
July 2, 2023 to August 5, 2023:
Open market and privately negotiated purchases 33,864 $ 191.62 33,864
August 6, 2023 to September 2, 2023:
August 2023 ASRs 22,085 (2)
(2)
22,085 (2)
Open market and privately negotiated purchases 30,299 $ 178.99 30,299
September 3, 2023 to September 30, 2023:
Open market and privately negotiated purchases 20,347 $ 176.31 20,347
Total 106,595 $ 74,069
(1) As of September 30, 2023, the Company was authorized by the Board of Directors to purchase up to $90 billion of the Company’s common stock under a share repurchase program announced on May 4, 2023, of which $15.9 billion had been utilized. During the fourth quarter of 2023, the Company also utilized the final $4.6 billion under its previous repurchase program, which was most recently authorized in April 2022. The programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
(2) In August 2023, the Company entered into new accelerated share repurchase agreements (“ASRs”). Under the terms of the ASRs, two financial institutions committed to deliver shares of the Company’s common stock during the purchase periods in exchange for up-front payments totaling $5.0 billion. The total number of shares ultimately delivered under the ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the Company’s common stock during the ASRs’ purchase periods, which end in the first quarter of 2024.
Apple Inc. | 2023 Form 10-K | 18
Company Stock Performance
The following graph shows a comparison of five-year cumulative total shareholder return, calculated on a dividend-reinvested basis, for the Company, the S&P 500 Index and the Dow Jones U.S. Technology Supersector Index. The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index and the Dow Jones U.S. Technology Supersector Index as of the market close on September 28, 2018. Past stock price performance is not necessarily indicative of future stock price performance.
September 2018 September 2019 September 2020 September 2021 September 2022 September 2023
Apple Inc. $ 100 $ 98 $ 204 $ 269 $ 277 $ 317
S&P 500 Index $ 100 $ 104 $ 118 $ 161 $ 136 $ 160
Dow Jones U.S. Technology Supersector Index $ 100 $ 105 $ 154 $ 227 $ 164 $ 226
Item 6. [Reserved]
Apple Inc. | 2023 Form 10-K | 19